Allowed

Perfect Finance and Exports Private Limited Vs

Bombay HC19 Jul 2013CA/198/2013

Case brief

AI extract

What is this about?

This court allowed applications by five companies seeking to amend a previously sanctioned scheme of amalgamation under the Companies Act, 1956. The court condoned the delay in filing the applications and directed the implementation of amendments within two weeks.

What did the court decide?

Applications allowed; amendment to be carried out within two weeks; copies of order and amended scheme to be lodged for stamp duty adjudication within 60 days and filed electronically with ROC.

Perfect Finance and Exports Private Limited Vs — Specific Performance | Bombay HC (2013)

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ca-198.13.doc

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ppn 1

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY APPLICATION NO.198 OF 2013 IN

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COMPANY SCHEME PETITION NO. 714 OF 2010 CONNECTED WITH

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COMPANY SUMMONS FOR DIRECTIONS NO. 593 OF 2010

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Perfect Finance and Exports Private Limited .. Applicant Company

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WITH

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COMPANY APPLICATION NO.199 OF 2013 IN

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COMPANY SCHEME PETITION NO. 713 OF 2010 CONNECTED WITH

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COMPANY SUMMONS FOR DIRECTIONS NO. 592 OF 2010

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Panama Gomantak Polmers Private Limited .. Applicant Company

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WITH

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COMPANY APPLICATION NO.200 OF 2013 IN

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COMPANY SCHEME PETITION NO. 715 OF 2010 CONNECTED WITH

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COMPANY SUMMONS FOR DIRECTIONS NO. 594 OF 2010

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Consolidated Trading and Finance Private Limited .. Applicant Company

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WITH

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COMPANY APPLICATION NO.201 OF 2013 IN

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COMPANY SCHEME PETITION NO. 716 OF 2010 CONNECTED WITH

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COMPANY SUMMONS FOR DIRECTIONS NO. 595 OF 2010

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Rungta Infrastructure Private Limited

.. Applicant Company

ca-198.13.doc

ppn 2

WITH

COMPANY APPLICATION NO.202 OF 2013 IN

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COMPANY SCHEME PETITION NO. 712 OF 2010 CONNECTED WITH COMPANY SUMMONS FOR DIRECTIONS NO. 591 OF 2010

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Dolex Investment Private Limited

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.. Applicant Company

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In the matter of Companies Act, 1956; And

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In the matter of Section 391 to 394 of the Companies Act, 1956;

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And

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In the matter of Scheme of Perfect Finance and Exports Private Limited; And

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In the matter of scheme of amalgamation of Dolex Investment Private Limited;

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And

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Panama Gomantak Polmers Private Limited;

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And

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Perfect Finance and Exports Private Limited;

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And

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Consolidated Trading and Finance Private Limited;

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With

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Rungta Infrastructure Private Limited

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Mr.Ajit Shinde i/by M/s. Halai & Co. for the applicant. Mr. C.J.Joy for the Regional Director. Mr. M. Chandanamathure, Joint Director present.

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CORAM : N.M. JAMDAR, J. DATE : 19 JULY 2013

ca-198.13.doc

ppn 3

P.C. :

. By these applications, the applicant seeks amendment to the scheme which is sanctioned by this Court on 10 June 2011 as per the schedule annexed to the applications.

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The learned Counsel for the applicant submitted that after the scheme was approved on 10 June 2011, it was noted at the time of implementation of the scheme that compliance of statutory provisions of law to the extent of merging of the authorised capital of the Transferor Companies to the Transferee Company was not possible as it was not sufficiently covered in the scheme. The learned Counsel submitted that accordingly the Board of Directors of the applicantcompany passed a Resolution on 5 November 2012 and in the subsequent meeting, the amendment was approved. The learned Counsel for the applicant states that to make the scheme workable, amendment is necessary. The learned Counsel for the Regional Director, on instructions, states that he has no objection, however, the applications are taken out after some delay.

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Considering the facts and circumstances of the case and the affidavit in support of the applications, the delay is condoned and the applications are allowed in terms of prayer clause (a). Amendment to be carried out within two weeks from today.

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The learned Counsel for the applicant undertakes to surrender all the authenticated copies issued by the Company Registrar, within a period of one week, or before carrying out the amendment

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ppn 4 ca-198.13.doc

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granted. The said undertaking is accepted.

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The applicant-company is directed to lodge a copy of this order and the amended scheme duly authenticated by the Company Registrar, High Court (O.S.) Bombay, with the concerned superintendent of stamps, for the purpose of adjudication of stamp duty payable, if any, on the same within 60 days from the date of the order.

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The applicant-company is further directed to file a copy of this order along with a copy of the scheme with the concerned Registrar of Companies, electronically, along with e-form 21 in addition to physical copy as per the relevant provisions of the Act.

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N.M. JAMDAR, J.

Perfect Finance and Exports Private Limited Vs

Case brief

What is this about?

What did the court decide?

Perfect Finance and Exports Private Limited Vs

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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